By  on August 1, 2008

Second-quarter profits at fragrance supplier International Flavors & Fragrances Inc. declined 14.5 percent to $67 million, or 83 cents a diluted share, from $78.4 million, or 87 cents, in the same period a year ago, on higher interest expense related to borrowings for an accelerated share repurchase program last year.

IFF, which posted results Wednesday night, reported that, excluding special items like a tax adjustment and employee separation costs, adjusted earnings per share for the quarter ended June 30 were 81 cents versus 72 cents a year ago. Wall Street analysts were expecting earnings per share of 80 cents, according to Yahoo Finance.
Quarterly revenues were $636.1 million, up 10.9 percent from $573.7 million last year, a 4 percent gain in local currencies.

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